Water-Based Automotive Coatings Segment is fastest growing segment fueling the growth of the Waterborne Automobile Coatings Market

 

The global Waterborne Automobile Coatings Market is estimated to be valued at US$ 86.39 Bn in 2023 and is expected to exhibit a CAGR of 5.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

Waterborne automobile coatings are environment-friendly coatings used for protection and decoration of automobiles. They offer advantages like low VOC emissions, corrosion resistance and hardness. Growing environmental concerns are increasing the demand for waterborne coatings.

Market key trends:

Stringent environmental regulations regarding VOCs emissions from coatings is a major driver of waterborne automobile coatings market growth. VOCs released from solvent-borne coatings are hazardous air pollutants. Their use is being restricted through regulations like REACH in Europe. Waterborne coatings produce 80-90% lower VOC and HAP emissions compared to solvent-borne ones. Thus, manufacturers are shifting from solvent-borne to waterborne coatings to comply with VOCs norms. Also, waterborne coatings require lower energy for curing compared to solvent-borne coatings. Their lower curing temperature reduces carbon footprint.

Segment Analysis

The global waterborne automobile coatings market is dominated by the primer segment. Primer coatings play a crucial role in protecting automobile bodies from corrosion. They act as the first layer applied on the metal surface and create a protective film. The primer segment accounts for over 30% of the total waterborne automobile coatings market share owing to high consumption in the automotive industry.

Key Takeaways

The global waterborne automobile coatings market is expected to witness high growth, exhibiting CAGR of 5.5% over the forecast period, due to increasing automobile production across the globe.

Regional analysis

Asia Pacific dominates the global waterborne automobile coatings market and is expected to grow at the fastest pace during the forecast period. Countries like China, India, and Japan are driving the growth of the market in the region. High automobile production in these countries and growing automobile fleet are boosting the demand for waterborne automobile coatings in Asia Pacific.

Key players

Key players operating in the waterborne automobile coatings market are Akzo Nobel N.V., BASF SE, Axalta Coating Systems, Berger Paints India Limited, Nippon Paint Company Limited, Kansai Paint Company Limited, PPG Industries Inc., Williams-Hayward Protective Coatings Inc., Tikkurila Oyj, The Valspar Corporation, RPM International Inc., and The Sherwin Williams Company.

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